Senator Murray Outlines Democratic Efforts to Protect Social Security, Contrasts with GOP Efforts to Slash Benefits
"Social Security and Medicare are a promise that we make to our families: that when you work hard, the benefits you earned will be there for you when you retire--and that if you have a disability, you are not left on your own," began Senator Murray during today's hearing. "Social Security and Medicare are really a lifeline to people. All across our country, people want us to save these programs--because they know these programs save people.
But, in the long term, they are in danger--as we have heard--if we don't take action to shore them up," continued Senator Murray. "Last year actually, Democrats took one of the biggest steps to strengthen Medicare in decades, by giving it the ability to negotiate lower Medicare prescription drug prices, which is great news [for people] on Medicare who need these drugs--and it's great news for that program as a whole, because it will save it billions of dollars each year. That should be common sense--and I was disappointed, when we passed the IRA, that so many Republicans stood with Big Pharma and voted against that bill."
BREAK IN TRANSCRIPT
Now, as we have heard today, there are two fundamental ways to save Social Security and Medicare for the future," said Senator Murray. "First--we could raise revenue and save Social Security by simply asking the rich to finally pay their fair share. And there is nothing new or radical about that. For decades, our federal tax code has said: if you have a higher income, you are going to chip in more. The radical thing is that right now, Social Security actually works in the opposite way. If you make around $160,000 a year--you are paying the same amount into Social Security each year as a billionaire. Someone can make over 12 thousand times your salary--and yet their Social Security tax rate is a fraction of a fraction of what YOUR rate is. Think about that. Billionaires are putting just a half a cent of every hundred thousand dollars they make into Social Security.
It should be totally uncontroversial to suggest that we find ways to increase Social Security's revenue in order to extend its solvency, and to make the system a little more fair," emphasized Senator Murray. Now, anyone who says that is off the table has only one completely unacceptable option left, and that is to cut benefits. And yet, over the years, Republicans have called explicitly for cuts: we saw a plan to phase out Social Security last year. We saw House Republicans put forward a roadmap just last month to raise the retirement age.
Nonetheless, we do hear Republicans act like they don't know why anyone would accuse them of wanting to cut Social Security," said Senator Murray in closing. "Make no mistake: if you are unwilling to even consider new revenue, or making the ultra wealthy pay their fair share--then you are essentially saying that the only option left for Social Security are benefit cuts.
BREAK IN TRANSCRIPT
I think it's really important that discussions about Social Security focus on solutions that actually protect our seniors and ensure they receive the hard-earned benefits they worked decades to receive. And I really believe that cuts should be off the table."
Source